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Bulgaria: Government accepts Bill to increase VAT registration thresholds starting January 1, 2023 

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The Bulgarian National Assembly is taking into consideration raising the VAT registration thresholds on April 21.  This is the first in a series of measures that will be introduced as part of economic measures to combat soaring prices while also enhancing business conditions in the environment. 

 

Bill No. 47-254-01-42 provides provisions to: 

 

1.Raise the mandatory annual VAT registration threshold in two phases to: 

 

  • Effective 1 January 2023 – BGN 100,000 (approx. EUR 51,300) 
  • Effective 1 January 2024 – BGN 166,000 (approx. EUR 85,000) 

 

Currently, the VAT registration threshold in Bulgaria is BGN 50,000 (roughly EUR 25,500) for all traders of taxable items, such as zero-rated supplies or financial or insurance services. 

 

2.Establish VAT registration and deregistration processes to take effect on 1 January 2023 and 1 January 2024, respectively. 

 

The primary goal of the proposed reforms is to reduce administrative and regulatory costs placed on micro, small, and certain medium-sized businesses, as well as natural persons engaged in independent economic activities. 

 

 

Source: parliament.bg 

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